Living in sunshine - Malacca's latest resort offers gateway homes from RM145,000

The past, the present and the future have come together to provide an interesting opportunity for investors and those looking for holiday homes in Malacca.

Banking on the state's rich 600-year-old cultural history, Empire Properties Ventures Sdn Bhd (EPV) is currently developing the 203-acre Malacca Empire Marina Theme Park (MEMTP) and offering for sale the first phase of units that will be ready by 2010.


Set amid a resort, the Soho units are designed to provide a fitting environment for work and play

EPV general manager Quah Eng Hock said the entire multibillion-ringgit development taking shape on the Klebang Beach foreshore as well as on 87 acres of reclaimed land will comprise four components: Empire Sunshine Villas, Empire Theme Park and Service Resorts, Empire Marina Villas and Empire Global Wonder Village.

"We plan our development to be the first to integrate facets of history with tourist elements and lifestyle features demanded by buyers investing in tomorrow," he said.

Now available for sale are 510 Small Office Home Offices (SoHos) in Empire Sunshine Villas.

Situated from the eighth to top-most floor of a 24-and-half-storey tower that will sit atop a three-level shopping mall, Quah said investors have a choice of four layouts.

"Some will also come with roof gardens," he said.

To support the use of the SoHos as holiday homes, recreational facilities including a gym, spa, swimming pool and landscaped gardens will be designed into the phase "to provide a fitting environment for work and play".

Buyers will also have access to commercial outlets such as a business centre, convenience store and the three level shopping mall that will have 22 lots on the ground floor and 48 on each of the upper two levels.

These can be bought for between RM650psf and RM1,000psf.

Piling work for Empire Sunshine Villas commenced last December and so far, 55 per cent of the SoHo units, which carry a gross development value of RM135 million, have been sold.

When Malacca Empire Marina Theme Park (MEMTP) is fully completed in four years, it will be a comprehensive resort with a marine theme park, water villages modelled after the Dubai Palm Resort, a five-star hotel, historial gallery and 10,000-seat international conventional centre.

For more detail information, please visit www.empirepropertyventure.com or contact: 03-2166 3026

By New Straits Times (by P.Rajan)

OSK goes high end in Damansara

A landscaped linear park and jogging trails will be some of the facilities in the guarded precinct.

Guarded enclave offers terraces from RM433,000

Once upon a time, not too long ago, actually, the area in Selangor between the North Klang Valley Expressway's Sungai Buloh toll plaza and the Lebuhraya Damansara-Puchong intersection with the Middle Ring Road II was known as a place for mass affordable homes.

Such was the stereotype because of townships such as Damansara Damai and Bandar Sri Damansara.

How times have changed. With the arrival of the Sierramas and Valencia residential enclaves, the area has moved perceptibly upmarket and the latest project to reinforce this trend is Sutera Damansara.

A joint venture between Permodalan Negeri Selangor Bhd and OSK Property Holdings Bhd, this guarded development with a landscaped recreational park and jogging trails will feature 431 units of double-storey terraces and three-storey corner lots in its first phase called Sutera Ria.

Its standard unit with dimensions of 22ft by 75ft will have four-plus-one bedrooms and three baths in 2,305sq ft of space, while the three-storey version will have an extra bedroom and bath.

Priced from RM433,350 to RM1,193,400 , the tropical-designed units will be specified with column-free porches to allow two cars to be parked side-by-side and high ceilings on the ground floor.

The price range means the likely buyers will be those who can afford monthly repayments starting from RM2,300.

The leasehold phase is slated for completion by January 2010 and is accessible from Jalan Sungai Buloh via Damansara Damai.

For more information, please call 03-7726 7577 or visit website www.osk.com.my

By New Straits Times (by Zuhaila Sedek)

LBS to launch projects worth RM5bil in China

PETALING JAYA: LBS Bina Goup Bhd expects to launch property development projects in Zhuhai, China, with an estimated gross development value of more than RM5bil by year-end.

Managing director Datuk Lim Hock San said the projects would include high-end bungalows and apartment units and he expected a good take-up due to strong demand for such properties.

Datuk Lim Hock San

“Zhuhai is a good location. Our site for the projects is near the LRT station and this has increased the value of our land,” he told reporters after the company EGM yesterday.

A bridge linking Hong Kong, Macau and Zhuhai was also in the process of being firmed up by the relevant governments, he said, adding that the Macau tourism industry was also expected to have a spill-over effect on its property projects.

Yesterday, LBS shareholders approved the proposed renounceable rights issue of 175.03 million new warrants.

Lim said demand for property in China was still high and consumer spending had remained firm. He was confident that the group's revenue would be boosted by its China property development by end-2009.

Locally, LBS was focusing on medium-to high-end properties due to higher building materials costs, including steel bars and cement, he said, adding that it planned to launch more mixed development projects this year in Bandar Saujana Putra and Taman Tasik Puchong, as well as industrial properties in Puchong.

On RAM Ratings' move to put LBS RM65mil secured serial bonds and RM100mil commercial papers programme on Rating Watch, with a negative outlook, on concerns about the company's deteriorating business and financial profiles, Lim said the company's projects had been delayed due to higher building material costs.

He added that other companies' outlook had also been affected by the weak consumer sentiment and uncertainties after the recent general election.

“However, in the medium to long term, the property outlook is still good and we expect things to stabilise in another month or two,” he said.

RAM had on Tuesday placed the A2(s)/P1(s) ratings on LBS due to its deteriorating business and financial profiles, arising from its continuous poor performance and persistent deferment of planned launches in the last few years. According to the rating agency, LBS had been supplementing its income with land sales over the past year – a measure that was not deemed sustainable and further highlighted the group's weakened fundamentals.

By The Star

Investors adopt 'wait and see' approach in Penang

PROPERTY transactions in Penang appear to have come to a standstill as investors wait and see how the state's economic landscape will unfold.

"We have received many concerned calls from our foreign investors, counterparts and clients, who are anxious to get a better feel of the ground on the implications for the property market," Henry Butcher Malaysia (Penang) Sdn Bhd director Dr Teoh Toh Puat told Business Times yesterday.

He said that improving living conditions in Penang would help to attract foreign investment in properties and those looking for a second home.

"Attracting investments, tourism arrivals and residents, however, will be a greater challenge today in view of the growing Asia-Pacific real estate market offering alternative opportunities for investors in 2008," Teoh said.

Henry Butcher Malaysia (Seberang Prai) senior manager Fook Tone Huat expects investors to take a few months to observe the new political developments before making any decision to continue their investments.

"Right now, I believe they will wait and see before they decide on their next move, and this will definitely slow down investments.

"However, if the new state government implements the 'transparency and fair to all' administrative strategy, it may create more market confidence," Fook said.

He noted that the residential sector in Seberang Prai was expected to be the main player in the state's property market.

"The opening of the Jusco Mall at Bandar Perda in Bukit Mertajam will spell a new era for the retail sector in Seberang Prai.

"We also expect 2008 to see further consolidation if the development corridors and the projects under the Ninth Malaysia Plan proceed as planned," Fook said.

The opening of the Butterworth Outer Ring Road is expected to have a positive impact on the property market in the surrounding areas of Bagan Lallang and Bagan Ajam.

"Other popular residential precincts in Seberang Prai are Juru, Bukit Tengah, Jalan Song Ban Kheng and Bukit Minyak."

By New Straits Times (by Marina Emmanuel)

KFH plans financing initiatives for ECER

KUWAIT Finance House (Malaysia) Bhd is in discussions with Terengganu's state investment company, Terengganu Inc, and its related companies on financing initiatives within the East Coast Economic Region (ECER).

"We have looked into specific financing opportunities for some of the related companies, ranging from infrastructure, oil and gas, shipping, plantation/agriculture and IT (information technology)," said its managing director Datuk Salman Younis.

"So far, all of the discussions are focused on financing," he said in a statement yesterday.

On plans for retail branches within the ECER, Younis said the Islamic bank will evaluate the feasibility based on the success of its corporate, investment and commercial businesses there.

He said the bank was currently involved in the financing of a flight training school and garment manufacturer, both in Kota Baru.

Kuwait Finance House, one of the largest Islamic banks in the world, has embarked on several projects, including establishing a find investing about US$330 million (RM1 billion) for projects in the Iskandar Development Region.

The ECER master plan envisaged Terengganu as a tourism gateway, hub for oil, gas and petrochemical industries, centre of educational excellence and agriculture focused on goat rearing and as a citrus valley.

Kelantan will become centre of trading, human capital development, educational excellence as well as poultry and herbal cultivation.

Pahang will focus on manufacturing and becoming a port city with integrated logistics distribution centre and palm oil industrial cluster as well as cattle and pineapple, while Mersing in Johor will be developed for tourism.

By Bernama

Ireka lines up office blocks for launch

Artist's impression of Tiffani by i-Zen

KUALA LUMPUR: Aseana Properties Limited has slated two blocks of office towers for launch in downtown Mont’Kiara by year end.

The project is pending approval from the local authorities, said Ireka Development Management Sdn Bhd COO Lim Ech Chan. Ireka Development, a wholly-owned subsidiary of Ireka Corporation Bhd, is the development manager for Aseana Properties, a property investment and development company listed on the London Stock Exchange with a market capitalisation of approximately US$250 million (about RM800 million).

“The office towers are set to be a new landmark in Mont’Kiara with our hallmark i-ZEN inspired designs,” said Lim. The towers will be 28- and 16-storeys in height.

Each floor will have an average floor space of 12,000 sq ft. “We are keen on selling off the entire floors to buyers. We are also looking at interested parties to purchase the offices en-bloc,” he said.

The average price for the office towers is at RM850 psf. “We believe the property value will appreciate in time to come,” said Lim, after a signing ceremony with LG Electronics Sdn Bhd at the Tiffani by i-ZEN show gallery in Mont’Kiara yesterday.

LG will supply 2,200 units of LG ArtCool air-conditioners in a deal valued at US$4 million. The new-age, sleek-designed airconditioners will be installed in all 399 units of Tiffani by i-ZEN condominiums. Also present was T.Y. Ko, the managing director of LG Electronics Sdn Bhd.

Almost 90% of Tiffani by i-ZEN has already been sold and completion is expected by year-end. Meanwhile, Lim said the second phase of Seni Mont’Kiara is expected to be launched in June.
“The first phase of the condominium, comprising 300 units have been sold out and we are now launching the second phase comprising another300 units,” he said. The units are sized from 2,500 to 3,500 sq ft with prices ranging from RM750 psf.

Lim also disclosed that Aseana Properties has entered into a 40:60 joint venture partnership with Malaysian Resources Corporation Bhd to develop a four-star hotel in KL Sentral, details of which are expected to be annouced middle of this year.

He added that the company is also working on several development proposals in Vietnam and is expected to launch an integrated mixed development comprising offices, apartments and a hotel by year-end.

“Vietnam is a very attractive market and we are keen on working with the right joint venture partners there,” said Lim.

By theSun (by Tim Leonard)

Melati moving into property development

KUALA LUMPUR: Having made its name in the construction services industry, Melati Ehsan Holdings Bhd intends to move into property development to diversify its earnings.

“Construction services are currently the group's main contributor. However, we are always on the look-out for ways to enhance our income stream,” managing director Datuk Yap Suan Chee told StarBiz in an interview.

Datuk Yap Suan Chee

Listed on the Bursa Malaysia main board last March, Melati will be developing its sole plot of land in Pandamaran, Klang soon. The 100-acre land was purchased from Bank Negara unit, TPPT Sdn Bhd, for RM32mil cash, Yap said.

The development, which has an estimated gross development value of RM500mil, will comprise about 500 gated residential units, 320 shop lots with 8.97 acres of commercial units and 6.92 acres of industrial units.

Executive director Tan Hong Hing said apart from diversifying its income base, venturing into property development would enable the group to command higher margins.

“We will be able to reap the profit twice. The first being the developer of the project and second, for construction of the property,” he added.

Tan said Melati would continue to accumulate strategic land bank with residential and commercial property development potential.

Yap said the group was currently at the planning stage and had not started developing the land.

To a question, he said he foresaw a slight delay in the project due to the transition of power in the Selangor government but added that it would not be a major problem.

“We will be having meeting with the state government in due course,” Yap said.

Melati's construction division had been growing steadily over the years, even during the financial crisis, because of its ability to complete projects on time and within budget.

Melati's order book now stands at RM1.7bil, which will keep the company busy for three to five years. To sustain growth, it has tendered for projects amounting to over RM1bil.

“We are still aggressively bidding for more contracts and are confident of increasing our order book.

“The bulk of our projects are local, but if the opportunity arises and the projects overseas are commercially viable, we would consider them,” Yap said.

Recently, the group clinched the job for the construction of Carrefour hypermarket for Magnificent Diagraph Sdn Bhd in Kota Damansara, Selangor.

The company, which has one flood mitigation project in hand, has bid for similar jobs in Johor Baru.

On its financial performance, Yap said the company hoped to perform better in the financial year ending Aug 31.For the year ended Aug 31, 2007, Melati posted a net profit of RM27mil on turnover of RM173.4mil.

By The Star - StarBiz - (by Leong Hung Yee)

SunCity in RM380m India condo venture

PROPERTY developer Sunway City Bhd (SunCity) said a joint venture agreement has been sealed with Hyderabad-based MAK Projects Private Ltd to develop a RM380 million condominium project in Hyderabad, India.

SunCity will initially invest RM4 million to secure the project and subsequently increase it to RM17 million for a 60 per cent stake in the 5.67ha project.

The project will feature 1,500 condominium units that will be completed in several phases over the next three years.

The average size of the units is about 1,500 sq ft with an average selling price of RM208 per sq ft.

Located 8km away from the newly opened Rajiv Gandhi International Airport and 21km away from the Hyderabad city centre, Phase One of the development is targeted for launching by early 2009.

This is SunCity's second investment in India; the first being Sunway Opus Grand Residency which was signed in July 2007, another high-end condominium development on a 14.18ha located in the suburb of Ameenpur, about 15km northwest of Hyderabad.

SunCity said it is on target to launch the RM1.5 billion Sunway Opus Grand Residency next month.

SunCity also hopes to expand to other countries in the region such as China and Vietnam. Currently, it has presence in Australia, Cambodia and India.

By New Straits Times

SP Setia shares go on roller-coaster ride

SHARES of SP Setia Bhd, Malaysia's most valuable developer, went on a roller-coaster ride yesterday after the firm gave investors mixed signals on potential sales.

The company initially told analysts that it is lowering its year-end sales target by 20 per cent to RM1.5 billion from RM1.8 billion.

Based on the new guidance and other factors, analysts lowered their target price on the stock. The stock fell 3.5 per cent or 12 sen to RM3.32 in the morning session yesterday.

The company then issued a statement to Bursa Malaysia during lunch, saying it is confident to hit a year-end target of RM1.8 billion.

SP Setia shares rebounded in the afternoon, erasing all of the morning's loss to gain five per cent or 18 sen, to close at RM3.62.



The company explained that its lower target was based on a "worst case scenario". This is if local councils in Selangor and Penang, states that have new governments, are formed late.

"Given the company's October 31 year-end, a delay of one to two months would have resulted in a timing difference of sales being made in FY2009 instead of FY2008," it said.

SP Setia said sales for the first four months of fiscal 2008 have been strong.

It more than doubled to RM646 million, compared with the same period a year ago.

"In view of the recent developments pertaining to the successful transition of state governments in Penang and Selangor and the pro-business stance which have been expressed by both chief ministers in interviews published in the press yesterday and today, the company is confident that its original sales target of RM1.8 billion can still be met," SP Setia said.

Although 14 out of 23 analysts maintained their "buy" recommendation on SP Setia, most of them revised SP Setia's target price and earnings forecast downwards.

JP Morgan, CIMB and Kenanga Investment Bank reduced SP Setia's target price by as much as 36 per cent.

By New Straits Times (by Goh Thean Eu)

AP Land makes foray into Japanese real estate

PETALING JAYA: Asia Pacific Land Bhd (AP Land) is making its foray into the Japanese real estate by acquiring a piece of land in Hokkaido, measuring 3,082 sq m, for RM18.9mil to build apartments.

Based on the price, the freehold land is estimated to cost RM6,132 per sq m, it told Bursa Malaysia yesterday.

The acquisition from Caymans Island-registered Tancho Investments will enable it to broaden its income into the property development sector in Japan.

“The venture is expected to enhance not only the group’s future earnings but also its profile as a regional players in property development,” it said.

AP Land had proposed to use part of the disposal proceeds of RM680mil from the disposal of City Square Centre as well as from borowings to finance the deal.

By The Star

SP Setia expects to meet original sales target

PETALING JAYA: SP Setia Bhd is confident of achieving its original sales target of RM1.8bil for the year ending Oct 31 after it gets a clearer picture of the stance of the new state administrations in Selangor and Penang towards business.

In a statement made available to StarBiz, group chief executive officer Tan Sri Liew Kee Sin said the property developer “should not face any problems adjusting to the new administration, which stated their commitment to uphold good governance, transparency and equal opportunity”.

The statement came on the heels of a downward revision by SP Setia last week of its sales target to RM1.5bil from RM1.8bil due to worries over administrative uncertainties after the opposition took control of Selangor and Penang, where most of the group's projects are located.

Liew said the revision of the group's sales target last week was made on the assumption of a worst-case scenario in the event of a one- to two-month delay in the establishment of local councils.

“Such a delay could result in a timing difference in sales being made in FY09 instead of FY08,” he said in the statement.

Knowing the authorities' commitment to a pro-business policy, Liew said the concerns could be excessive.

“We are pleasantly surprised at the speed with which the newly established Penang and Selangor governments have gotten down to business,” he added.

SP Setia's share price rebounded sharply in the final trading hour yesterday. The stock put on 18 sen, or 5.2%, to RM3.62 after sliding to a 14-month low of RM3.12.

The property group's shares succumbed to heavy selling last week after the group cut its sales target. The drastic fall in share price from the RM5 level wiped out roughly RM1.5bil of its market capitalisation in the past one week.

The cautious macro-economic outlook due to the subprime loan crisis in the United States also weighed on the property stock.

Citi Investment Research, which has downgraded SP Setia shares to a “sell'', cited concerns over the macro economy and higher inflation risks this year, which could reduce consumers' disposable income.

“We expect private consumption (growth) to slow to 8% this year from 11.7% last year. As a result, potential buyers, especially in the mass market segment, could adopt a wait-and-see attitude,” Citi said in a research note on Monday.

Liew, however, believes that the outlook for the property sector is “positive”, adding that consumer sentiment remained “supportive of property purchases''.

He said SP Setia had recorded sales revenue of RM646mil for the first four months in FY08 compared with RM290mil in the previous corresponding period.

By The Star (by Kathy Fong)

Utusan Seni's semidees attract upgraders in USJ

ResTrees in USJ 17, Subang Jaya; first two phases all sold out

PETALING JAYA: Homeowners looking to upgrade in the Subang Jaya area has taken to Utusan Seni Sdn Bhd’s (Utusan Seni) development of semi-detached homes in USJ 17, Subang Jaya.

The development called ResTrees – Utusan Seni's maiden foray into property development – is doing well with its first two phases already sold out.

The RM140 million project was first launched in August last year. Its first two phases, comprising 20 units and 36 units respectively, have been 100% taken up while 19 out of 48 units in the third phase have been sold.

“Ninety percent of our buyers are from USJ, with a few from SS 19 Subang Jaya and Shah Alam.
Most of them are upgraders,” said Norhashimah binti Hashim, executive director of Utusan Seni.
Phase 1 of ResTrees offers 2 ½ -storey semidees sized at 3,600 sq ft and tagged at RM1.3 million. Phases 2 and 3, also offering 2 ½ - storey semidees, come with larger builtups of 3,800 sq ft and are priced at RM1,533,800 and RM1,688,800 respectively.

Apart from the semidees, there will also be 10 units of 3-storey bungalows to be launched in June.

According to Norhashimah, these homes, tagged at RM3.8 million each, will have built-ups from 7,000 sq ft and each unit will have a swimming pool.

“We began construction on Phase 1 last August, and it will be completed with CF by this September. At Phase 2, we have already started piling works and this week, we will commence piling works on Phase 3 and the bungalows,” said Norhashimah, adding that the entire ResTrees will be completed at the end of 2009. The show unit, recently completed, was opened to the public last Saturday.

The project takes up 15 acres of leasehold land and the homes have a modern, contemporary concept. The gated and guarded project comes with perimeter fencing, emergency alarm system and 24- hour guard patrol.

According to Norhashimah, the enclave features a lot of greenery and the homes are divided by green landscaping instead of the usual wire fencing. Maintenance fee is RM280 per month, including security and landscaping maintenance.

Utusan Seni is involved in construction, manufacturing, investment and trading. For more information, call 03-5630 1996 / 0069 or visit www.utusanseni.com.my. The show unit is open for viewing daily between 10am and 6pm.

By theSun (by Yeong Ee-Wah)

Henry Butcher ties-up with Aussie builder

PETALING JAYA: Henry Butcher Malaysia, an international real estate consultancy firm has tied up with the Metricon Group, one of Australia’s leading home builders and land developers to offer Malaysian investors, customised investment home packages in Melbourne, Australia.

Henry Butcher Marketing Sdn Bhd COO Tang Chee Meng (pix) said in a statement that the tie-up is the beginning of the group’s plans to increase its international property marketing portfolio. He added that the group plans to introduce properties from the UK, Singapore, Dubai, India, Vietnam and other fast-growing markets to the increasingly sophisticated Malaysian investors.



The collaboration with Metricon aims to tap into Melbourne’s property market which has performed strongly over the last year, supported by a solid economy and an increasing number of international immigrants.

The Metricon group which has over 30 years of experience in home building and is Victoria state’s largest home builder, has moved aggressively into the development of residential communities and integrated housing projects, after having established its core business as a boutique contract homes builder since 1976.

Also in 2006, Metricon was named Victoria’s leading builder by the Housing Industry Association for its awardwinning range of homes in Victoria and Queensland.

Metricon homes are covered by a 25-year structural guarantee. According to Tang, the collaboration with Metricon will help launch Metricon Homes’ entry into Malaysia, making available to Malaysian investors, quality and affordable homes from less than A$300,000 (about RM900,000) strategically located less than 25 km from Melbourne’s Central Business District.

Three projects by Metricon located in Tarneit, Point Cook and Sanctuary Lakes, Melbourne will be showcased at a Henry Butcher–Metricon special preview for Malaysian investors at the Crown Plaza Mutiara Hotel, Kuala Lumpur from March 21 to 23.

"These projects have not yet been released in Australia, so Malaysians will have the first pick of the units in these projects. Investors who are looking into diversifying their investment portfolio in Australia will be attracted by the home and land packages that come with attractive financial packages and free consultation regarding legal implications, migration and multi-currency packages," said Tang, adding that talks in investment and migration in Australia will also be held on the days of the preview.

In the near future, Henry Butcher also plans to promote projects located in the Gold Coast, Queensland, another property investment hotspot in Australia.

By theSun

UM Land identifies three sites for projects

All the land is within Iskandar Development Region

From left: UM Land general manager, projects division, Goh Hong Seong, Mohd Noor Abdul Salam and assistant general manager, finance division, Tan Siew Peng with the model of the Arista Homes.

JOHOR BARU: United Malayan Land Bhd (UM Land) has identified three new locations in south Johor for future development projects.

UM Land Johor region general manager Mohd Noor Abdul Salam said all three were within the Iskandar Development Region (IDR), including one in Nusajaya city.

He declined to give details on the other two locations and how much the company would invest to acquire the land.

“We can’t say much now but our headquarters in Kuala Lumpur will make the announcement soon,” he said.

Noor said this on Sunday after Johor Baru mayor Datuk Mohd Naim Nasir handed over house keys to buyers of the company’s Deanne Homes in Seri Austin.

UM Land is currently undertaking two integrated township projects in Johor – Seri Alam in Masai and Seri Austin in Tebrau – both within the IDR that spans 2,216.3 sq km.

Covering 1,497.33ha, Seri Alam was started in 1992 and is now 60% developed. Seri Austin was launched in 2005 and 20% of its 202.34ha has been developed.

At the event, the company also launched 40 double-storey link houses – Arista II – with expected gross development value of RM35mil.

Noor said the construction of new intersections, highways and road upgrading worth RM4.9bil for the IDR this year augured well for the property sector here.

“Better connectivity and accessibility will boost demand for residential and commercial properties within the IDR,” he said.

Noor said prices of new houses would increase this year due to high construction and building materials cost resulting from high petroleum prices in the world market.

He said the main challenge now for developers in the country was to offer affordable houses for buyers and make profit at the same time.

By The Star (by Zazali Musa)

Developer transforms properties into exclusive high-end abodes

Those looking for property in niche areas such as Bukit Ledang, Bukit Tunku and Damansara Heights should consider the exclusive high-end properties developed by Ingenious Network Sdn Bhd (INSB).

The boutique developer’s expertise is in transforming old properties in the Klang Valley into exclusive high-end abodes.

INSB managing director John Tan said the company would acquire old properties in niche localities, demolish them and build new designs in their place.

“It is a ‘build-then-sell’ concept. Either the buyer purchases the property the way it is presented or we make modifications to the home, both to the interior and exterior, the way the new owners see it fit,” said Tan.

Tan: ‘We strongly believe there is a good market for niche products.’

Unique: A glass house project that is nearing completion in Bukit Damansara.

Alluring: This three-storey project in Bukit Damansara comes with an inviting swimming pool.

He said it was the company’s policy to deliver houses that were of value for money and user-friendly, which means ensuring good quality workmanship and good quality furnishings and fittings from the United States and Germany.

Some houses, especially those in Bukit Ledang, are also fitted with lifts to ensure that the needs of the purchaser are well taken care of till old age.

Although the company has acquired several old properties in the Klang Valley which is being transformed, their concentration is however the Ledang Court property in Bukit Ledang and in Bukit Tunku.

Some of the properties have a built-up of 5,000 to 6,000 sq ft and priced as much as RM7 million.

“We strongly believe there is a good market for niche products,’’ he added

Tan said the company’s emphasis was the locality and they would go to any length to purchase old properties for the right price.

For more information, visit www.ingeniousworldwide.com.

By The Star (by Charles Fernandez)

RM1b target for RHB MY1 scheme

High take-up seen for home loan plan

KUALA LUMPUR: RHB Banking Group has set a target of RM1bil for its MY1 Revolving Home Loan in the first phase.

“We are looking at the minimum of three or four months because we believe that this is a great product. So, the take-up will be very high,” head of consumer product management, Angela Christine Tan, told reporters after the launch yesterday.

Angela Tan

The loan scheme, she said, was the first in the market with a revolving feature.

It offers the flexibility to withdraw up to the approved loan amount, which not only includes the paid monthly instalments but also any extra payments that have been credited to the loan account.

Withdrawals can be made as many times as needed without any service charge.

Nevertheless, the combined withdrawn amount must remain within the approved home loan limit and each withdrawal must be a minimum of RM5,000.

“We believe that people looking at this product would actually be more financially-savvy,'' Tan said.

RHB head of retail Renzo Viegas said the product could be applied to both completed projects and those under construction.

“This product will enable the bank to capture a larger share of the home loan segment,” he said, adding that RHB currently accounted for slightly less than seven percent of the home loan market.

By Bernama

Malton going into more high-end projects

It is embarking on brand building initiatives


Yeoh Teng Tatt and Tracey Lai showing a model of the VSQ project.

MALTON Bhd is making efforts to further strengthen its branding in the residential and commercial property segments with a line-up of more exciting projects over the next two to three years.

The company is looking at adding more value to its land bank of more than 600 acres in various parts of the country.

“At present, some 70% of the company's projects are high-end while 30% are projects in the various existing townships, including in Puchong and Bukit Rimau, Shah Alam,” chief operating officer Yeoh Teng Tatt told StarBiz.

He said that having multiple projects at the right addresses would drive the company's earnings over the next three to five years.

“We are moving into more prestigious developments and will offer more superior and higher end products as part of our brand-building initiatives,” he added.

Malton director of sales and marketing Tracey Lai said the company had RM2.1bil worth of new projects lined up for launch in the next two to three years, including the unveiling of new phases in existing developments.

“For the current financial year ending June 30, Malton is targeting sales of RM400mil compared with RM120mil recorded last year,” Lai said.

Niche developments to be launched this year include Ukay Springs, an upmarket residential enclave on 56 acres in Hulu Klang, comprising 150 units of 2½-storey semi-detached house and bungalow.

In Sungai Long, Malton will build high-end residences on a 67-acre site worth a gross development value (GDV) of RM330mil, while in Taman SEA, plans are afoot to build 35 bungalows, semi-detached houses and zero lot residences.

A mixed commercial development on 2.7 acres in Taman Maluri, Cheras, will comprise service apartments, office suites and a retail mall worth a GDV of RM195mil.

In Penang, a 36-storey condominium block on 0.7 acre along Cantonment Road will mark Malton's maiden entry into the state's property market. The RM47mil project will be launched later this year.

Malton's recently launched projects include Pearl Villas, comprising 42 units of 3-storey semi-detached villa and two bungalows on 4.8 acres in Petaling Jaya's Section 16, with a GDV of RM110mil.

Another flagship project is Amaya Saujana @ Saujana Subang in the vicinity of the Saujana Golf & Country Resort comprises three blocks of 13-storey residential suites. The project has a GDV of RM250mil.

Planned as a resort lifestyle development, Amaya offers generous spaces in its unit layout and its surrounding landscape. The initial soft launch of phase one has attracted 80% take up rate so far.

Meanwhile, an integrated commercial project is underway on a 2.6-acre plot in Jalan Utara, Petaling Jaya, which used to be the site of a Lutheran Church.

V Square (VSQ) features two blocks of corporate tower, a block of corporate business suites, and two blocks of corporate offices, with retail space on the ground floors. The project will have a GDV of RM207mil.

“Vibrant, vital and visionary, VSQ is designed to offer a stylish working environment in a prime location,” she added.

Lai said Malton was also the project development manager for The Pearl @ KLCC, which comprises a high-end condominium project along Jalan Stonor in Kuala Lumpur.

The 41-storey block of 177 luxurious condominiums is located on a 1.8-acre site, opposite the Embassy of Vietnam, within the KL City Centre enclave.

The spacious residences, including seven duplexes and three penthouses, will have built-up areas from 3,000 to 20,000 sq ft.

“Its international architecture design and futuristic concept have won admiration from many interested buyers, including foreigners and expatriates.

“Besides state-of-the-art security system, the residences will be fitted with smart home features. There will also be a well-equipped clubhouse,” she said.

In Seremban, a 17-acre plot will be developed into bungalows and shop offices worth a GDV of RM160mil.

By The Star - StarBiz - (by Angie Ng)

Revamped Magna Prima on stronger footing

SECOND board construction player Magna Prima Bhd is on a much better footing from three years ago when it was making losses.

With a turnaround plan in place after a reshuffling of the top management and the board of directors, the company turned in a net profit of RM26.58mil for the financial year ended Dec 31, 2007 (FY07) compared to a net profit of RM119,000 the previous year. Revenue increased by 326% to RM344.44mil.

Magna Prima has three current projects: the 88-acre leasehold Metro Prima in Kepong, a joint venture with landowner Kuala Lumpur City Hall that is almost completed; The Avare, a freehold 41-storey luxury condominium project located in the vicinity of KLCC; and the three-acre leasehold MagnaVille in Selayang comprising three blocks of 22-storey condominiums.

It is also the turnkey contractor for Muafakat Kekal Sdn Bhd, the developer of the Dataran Automobil project in Shah Alam, a joint venture with landowner Selangor State Development Corp. Taken together, all the projects have unbilled sales of RM250mil and ongoing gross development value (GDV) of RM1.7bil.

Magna Prima chief executive officer Lim Ching Choy said the company was now in the second phase of the turnaround.

Lim Ching Choy

“The first phase involved streamlining the company's resources into three business divisions and hiring new management teams for the divisions,” he said.

In the second phase, integrated-lifestyle developments, comprising commercial and residential elements, would be the way forward as the company makes plans to transfer to the main board by 2009.

As such, two more projects had been lined up for launch this year that would provide not only greater earnings visibility for the next two to three years but also recurrent income from certain commercial properties that the company would retain, Lim told StarBiz.

The projects would be launched from land that the company acquired late last year in two locations - a 4.78-acre leasehold parcel in Section U1 of Shah Alam and two parcels of freehold land totalling 10.23 acres in Jalan Kuching, Kuala Lumpur.

Now the company is embarking on its second phase. “We don't have a large landbank and we're small compared with the likes of SP Setia Bhd and other listed property developers, so we need to find our niche,” Lim said.

He said the estimated RM135mil Shah Alam project, whose proposed name is Dataran U1 Shah Alam, would be an integrated three-in-one project comprising shops, small office home office units and serviced apartments. “This project will be launched by May and will have a two-acre landscaped park on the third floor of the retail podium,” Lim said.

He said the yet-unnamed Jalan Kuching project would be launched by August. “This will be an integrated five-in-one project comprising 3-storey shops, a 3-storey retail podium, an 8-storey office tower, two blocks of serviced apartments and a 250-room hotel with an estimated GDV of RM1.1bil,” Lim said, adding that the company was looking for a joint-venture partner for the mall, which would be retained for recurrent income.

Both projects are scheduled for completion in 2011.

“We've not gotten into any serious negotiations yet although we have three potential partners in mind, one of which is local. We hope to conclude a deal in the next six months,” Lim said.

He said the mall, with an estimated net lettable area of 1million sq ft, would be modelled along the lines of malls that had been coming up throughout the South-East Asian region in the past two to three years.

Lim said there may be another integrated project on the cards should negotiations for a project located in Kuala Lumpur's Golden Triangle be successful.

“Hopefully in the next one or two months we'll be able to conclude the negotiations, which will be a joint venture with a landowner,” he said, adding that the project would include a Grade A office tower among its components.

Lim said the company would continue to pursue the strategy of sourcing for projects in matured areas of the Klang Valley. “We'll continue to look for areas in which we can develop high-density projects, this is the model we'll continue to work on, and going forward we'll most likely enter into joint ventures with institutional and private landowners in order not to burden our finances,” he said.

Lim said efforts were being made to balance out the revenue stream from the various divisions in the company. “Property development currently contributes 75% of revenue, but going forward we'll like to see a more balanced revenue contribution and hope that construction will contribute at least half,” he said.

At present, most of the construction jobs were from the property development arm but in the future, as the company's brand-building exercise and quality became better known, more projects would come its way from outside. “We'll continue to concentrate on civil works for our construction arm,” he said.

By The Star (by Fintan Ng) (posted on 17th March '08)

Wireless@KL project to start in May

The "KL Wireless Metropolitan" or "Wireless@KL" project to transform Kuala Lumpur into a "wireless city" with world-class communication channels will begin in May, city mayor Datuk Ab. Hakim Borhan said yesterday.

“In line with the Wireless@KL project, a community website, KUL.COM.MY, will also be set up and updated regularly to provide the relevant information to city dwellers,” Ab.Hakim told reporters after the signing of a memorandum of agreement (MOA) on the Metropolitan Kuala Lumpur portal project between Kuala Lumpur City Hall (DBKL) and Synapse Technologies (M) Sdn Bhd.

The agreement is under the initiative of the Malaysian Communications and Multimedia Commission (MCMC) on behalf of the government, which has provided a grant of RM500,000 to City Hall for the purpose.

On December 17 last year, City Hall signed a memorandum of understanding on Wireless@KL with MCMC and Packet One Networks (M) Sdn Bhd to enhance broadband facilities for City Hall offices and community centres and both public and residential areas in the Klang Valley by 2010.
"Wireless@KL uses WiMAX technology and for the first phase of this project 1,500 Wi-Fi zones will be developed,” Ab. HAkim said.

He also said the KUL.COM.MY portal will be a “one-stop source of information” on Kuala Lumpur for people in and out of the country. The information will cover social, development, economic, trade, education, entertainment, tourism and other aspects, he said.

Ab. Hakim said the portal will use the “broad spectrum approach” where it will collate and upgrade information from various sources for user convenience.

By Bernama

Firm targets China and Vietnam

Venturing overseas has become a viable option for many Malaysian property companies to widen their earnings base and establish a stronger brand image in the region.

Developers with good track records and interesting project concepts to “export” to other emerging markets are making a beeline abroad.

According to Malton Bhd chief operating officer Yeoh Teng Tatt, the company is eyeing China and Vietnam to introduce its brand of properties to the growing middle class and newly rich population.

“We are talking to potential partners in those countries for possible joint ventures to undertake projects. Having established its name in building townships and niche residential projects, including gated and guarded projects in the Klang Valley, Malton is looking forward to replicate its success in other potential markets outside the country,” Yeoh pointed out.

It has also made a name in the commercial property market, including through the construction and project management for shopping malls such as Pavilion KL and commercial buildings such as Menara Uni Asia. Malton's construction arm, Domain Resources Sdn Bhd, was also looking to undertake building infrastructure projects overseas.

Although construction jobs currently contributed some 60% to group revenue, he said, the line-up of more exciting property projects in the next two to three years would most likely make property the bigger contributor.

Malton director of sales and marketing Tracey Lai said the company would be lining up more interesting products for its existing Bukit Rimau township and in Mutiara Puchong and Mutiara Indah. The 385-acre Bukit Rimau township will see more high-end houses launched this year.

“Instead of selling bungalow land, the remaining land will be turned into ready-built bungalows complete with interior designs and furnishings. Each of these tastefully designed bungalows will be going for between RM1.7mil and RM2mil,” she added.

Since the launch of Bukit Rimau in 2002, property products worth RM404mil have been launched to date while sales amounted to RM378mil. The RM780mil project will comprise mainly bungalows, semi-detached houses, townhouses, super-link terraced houses and apartments.

The remaining 40 acres will feature the commercial precinct comprising three-storey shop offices, service apartments, retail lots and hotel suites. The two gated community projects in Puchong - the 64-acre Mutiara Puchong and 83-acre Mutiara Indah will also see more new launches this year.

By The Star (posted on 17th March'08)